Chief Patron: Thomas
Prescription Drug Payment Assistance Program

Item 545 #2h

Language
Page 368, after line 14, insert:
"Payment to the Prescription Assistance Fund (74503)..........................  $12,889,328          $15,807,948".
Page 368, line 15, strike "77,335,967" and insert "90,225,295".
Page 368, line 15, strike "94,847,905" and insert "110,657,905".
Page 368, line 16, strike "and".
Page 368, line 17, after "14,", insert: "and Title 32.1, Chapter 15,".
Page 368, after line 36, insert:
"C. The State Comptroller shall deposit 10 percent of the Commonwealth's Allocation pursuant to the Master Settlement Agreement with tobacco product manufacturers to the Prescription Assistance Fund pursuant to §32.1-266, Code of Virginia.  There is hereby appropriated a sum sufficient estimated at $12,889,328 the first year and $15,807,984 the second year from available balances in the Fund for the purposes set forth in §32.1-366, Code of Virginia."

Explanation
(This amendment allocates 10 percent of the moneys received each year by the Commonwealth from to the tobacco Master Settlement Agreement, for the Prescription Drug Assistance Fund, pursuant to the passage of House Bill 661. The fund would provide prescription drug assistance of up to $2,500 per fiscal year to eligible low-income senior citizens age 65 or older or disabled individuals, as defined by Title II of the Social Security Act. To be eligible for payment assistance, the individual must have an income that is less than 200 percent of the federal poverty level or have prescription drug expenses that exceed 40 percent of the individual's annual income. In addition, the individual may not be eligible for prescription drug benefits under Medicaid, Medicare, a Medicare supplemental policy or any other third party payer for prescription drug benefits. The introduced budget assumes 40 percent of the tobacco settlement revenues would be available from the general fund for transportation. A companion amendment eliminates language which would allow for the securitization of the tobacco settlement revenues in fiscal year 2002.)